DUBLIN--(BUSINESS WIRE)--Elan Corporation, plc (NYSE: ELN) announced today that it has established 11.59 p.m. (Dublin time) on December 14, 2012 as the record date in connection with its previously announced separation of a substantial portion of its drug discovery business into a new independent, publicly traded company, Prothena Corporation plc (Prothena), which separation will be effected pursuant to a demerger under Irish law. The occurrence of the distribution of Prothena ordinary shares in the demerger is conditioned upon, among other conditions to the demerger, (a) the Registration Statement on Form 10 previously filed by Prothena with the Securities and Exchange Commission (SEC) in connection with the demerger, having been declared effective by the SEC and (b) the affirmative vote of the Elan shareholders to approve the declaration of the distribution by Elan of 99.99% of the outstanding shares of Prothena at the extraordinary general meeting of Elan shareholders scheduled to occur on Wednesday, December 12, 2012.